tax break tagged posts

France to Enact Tax Breaks for Video Games

December 16, 2014 Taxation in France

PARIS – France may soon see an influx of small-scale game development studios, as the government wins approval to increase the tax breaks offered to developers.

On December 15th the French Video Games Trade Assocation (SNJV) issued a new statement showing that the European Commission has approved the proposal by the government of France to reform the tax breaks provided to video game manufacturers operating in the country.

Currently, game developers in France are eligible for tax breaks for games with a production cost in excess of EUR 150 000, however the threshold has now been reduced to EUR 100 000, and the types of expenses eligible for the break has been expanded.

The tax changes were first proposed in 2013, however they required approval from the European Commission before implemen...

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China Dropping Tax on Agriculture Sector

December 6, 2014 Taxation in China

BEIJING – The government is looking to secure the country’s food supply by dropping the taxes on the interest incomes on loans and insurance policies provided to farmers.

Earlier last week the Premier of China Li Keqiang announced that the national government will implement a number of tax breaks aimed at helping boost the growth and productivity of the national agriculture sector.

According to the Premier, banks and financial institutions providing small-scale loans of between CNY 50 000 and CNY 100 000 to farmers will not pay any business tax on the interest earned, and will also enjoy a 10 percent reduction in corporate income tax on the interest incomes.

The revenues garnered by insurance providers providing policies for crop and husbandry will also be granted a 10 percent discount o...

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Tax Breaks Offered to Ebola Victims

October 30, 2014 Taxation in USA

WASHINGTON D.C. – The IRS is providing some tax relief for taxpayers effected by Ebola, as was previously done in the past for victims of the earthquakes in Haiti, and the tsunami in Japan.

On October 29th the US Internal Revenue Service issued two notices stating that until the start of 2016 select donations made or payments received in regards to the Ebola outbreak in some nations in Africa may qualify to be exempt from income tax.

From now on payments or funds received in relation to any medical, quarantine or funeral expenses directly related to the Ebola outbreak in Guinea, Liberia, or Sierra Leone, will not be subject to personal income taxes.

Further, the IRS stated that if an employee request for their employer to make a donation on their behalf to a registered Ebola-related chari...

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Videogame Makers Need Tax Breaks

October 28, 2014 Taxation in UK

LONDON – The UK’s GBP 70 billion dollar video game industry will benefit greatly from a tax break to encourage employers to spend money on more staff training.

On October 27th the UK based videogame industry body TIGA and the digital trade body BIMA issued a joint statement suggesting that the UK should introduce a tax break for small and medium sized businesses in the creative sector providing training to employees.

In the statement the two groups suggested that the proposed tax break could operate like the currently available research and development tax break, whereby business which do spend money on qualifying expenses should be able to offset the spending against the corporate tax obligations.

According to the experts of TIGA, the video game sector, and other creative industries in...

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Tax Breaks on Bikes Needed in India

August 28, 2014 Taxation in India

NEW DELHI – Granting a new tax break on the sale of bicycles in India will help improve the economy, raise school attendance, boost accessibility health facilities, and help to rehabilitate the environment, especially in rural areas of the country.

India would enjoy a multitude of social and economic benefits by removing the 12 percent VAT charge on the sale of all bicycles costing less than INR 5 000 (approx. USD 82), according to information in a new report released by the independent Indian based think-tank The Energy and Resources Institute (TERI).

The experts of TERI concluded that dropping the tax would reduce the price of the cheapest tier of bikes in the country to between INR 2 500 (approx. USD 41) to INR 4 500 (approx. USD 74).

According to the results of research conducted by...

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